A large commercial plot in Caroline Hill Road, Causeway Bay, a major new commercial land supply in the area since the change of former tram terminal into Times Square in 1987, attracted six bids last Friday. However, all Chinese-based developers were absent. Alex Leung , senior director of CHFT said it is a commercial development requires a long payback period as the successful developer is not allowed to strata-title sales, and it becomes less attractive with Chinese developers.
The site area is about 159,000 sq ft with a maximum GFA of 1.08 million sq ft. CHFT estimates that the land can be sold for HK$15.2 to 15.6 billion, and the accommodation value is about $14,100 to 14,500 psf.
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